Maven invests £25 million in North East businesses
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Maven is delighted to announce that, since opening offices in Newcastle and Durham in 2017, it has invested a total of £25 million in dynamic, high growth businesses in the North East region, driving economic prosperity and safeguarding and creating almost 1,000 jobs.
To date, Maven has invested in 26 local businesses, including innovative solar specialist, Power Roll specials manufacturer, Rokshaw Laboratories and challenger bank, Pockit. This significant level of investment has been achieved through Maven’s management of regional funds in the North East, alongside its suite of private equity funds.
Mobile app designer and technology consultancy, hedgehog lab, was the first local business to secure investment from Maven’s North East team in September 2017 to boost its delivery capabilities and broaden its presence overseas. Since then, Maven has invested over £9 million into 11 technology businesses across the region including SoPost, Intelligence Fusion, Hive.HR and Aero Commerce. Built on a proud history of innovation, the region has a diverse and thriving economy and is recognised for its strengths in the technology and digital space.
In addition to the investments made on behalf of the regional funds, Maven has also successfully leveraged an additional £30 million in private sector finance for local businesses since 2017. As one of the UK’s most active and well-resourced mid-market private equity firms in the industry, Maven has through the management of its VCT funds and private equity co-investor network, supported innovative intranet software, Oak Engage, and disruptive platform for sale and installation of boilers, Boiler Plan.
Michael Vassallo, Investment Director at Maven, said: “We are delighted Maven has achieved such a significant milestone since opening our regional offices in late 2017. We’ve worked with some great local businesses and through Maven’s multiple funding streams have been able to back our portfolio at various stages of their growth journey. In particular, technology has been a strong focus for us, and we are proud to have played a vital role in fuelling the growth of the vibrant digital sector we have here in the North East.
“Despite the uncertain economic climate we’re experiencing, reaching this key milestone demonstrates the need for this type of finance across the region and we look forward to working with more companies to help them achieve their growth plans.”
Jason Hobbs, CEO of the North East Fund commented, “Maven’s success since opening a North East office demonstrates the clear benefit to the local economy of regional fund management. The North East Fund is delighted that, as manager of our Development Capital Fund, Maven has already helped many of the North East’s innovative companies to raise their profiles, secure major new contracts and raise the finance required to implement their growth strategies.
“With over a decade of experience of investing across the UK, Maven has significant insights and extensive networks which its North East investees can benefit from. We look forward to continuing to work with them to help catalyse the growth of many more job-creating companies across the region, at a time when access to finance is more critical than ever.”
North East business looking for funding to grow? Speak to Maven’s local team about your current and future needs, and our experienced investment professionals will be able to guide you on your funding requirements. Contact our team today on 0191 731 8590.